Intangible Assets

6 Months Ended

Mar. 31, 2022

Intangible Assets [Abstract]

INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

Intangible assets primarily consist of the valuation of identifiable intangible assets acquired, representing trade names, regulatory licenses, and technology. The straight-line method of amortization represents the Company’s best estimate of the distribution of the economic value of the identifiable intangible assets.

At March 31, 2022 and September 30, 2021, intangible assets consisted of the following:

	Useful Life	March 31, 2022			September 30, 2021
Licenses and banking infrastructure (1)	10 Years	$	-		$	14,085,402
Trade names	3 Years		784,246			-
Regulatory licenses	3 Years		138,751			-
Technology	5 Years		10,300,774			-
Software	3 Years		11,237			-
			11,235,008			14,085,402
Less: accumulated amortization			(1,974,120	)		(469,286	)
		$	9,260,888		$	13,616,116

(1) In February 2022, a third party valuation report in connection with the acquisition of Match was completed. As a result, the Company adjusted the previous estimated allocation to reflect the results of the third party valuation. The Company decreased its cost of intangible assets of $2,861,631 and adjusted the estimated useful life of trade names and regulatory licenses from 10 years to 3 years and the estimated useful life of technology from 10 years to 5 years. This change in accounting estimate was effective in the first quarter of fiscal year 2022.

For the three and six months ended March 31, 2022, amortization expense amounted to $592,891 and $1,504,834, respectively, of which, $526,601 and $1,373,190 was included in cost of revenue – financial services, and $66,290 and $131,644 was included in operating expenses, respectively. There was no comparable amortization for the three and six months ended March 31, 2021. Amortization of intangible assets attributable to future periods is as follows:

For the Twelve-month Period Ending March 31:	Amortization Amount
2023	$	2,371,566
2024		2,371,566
2025		2,114,241
2026		2,060,155
2027 and thereafter		343,360
	$	9,260,888